Royalty Pharma Ups Hostile Bid To $6.3B As Elan Maneuvers

Law360, New York (May 20, 2013, 2:51 PM EDT) -- Elan Corp. PLC unveiled a slew of transactions on Monday designed to outflank hostile bidder Royalty Pharma Inc., but Royalty simply sweetened its offer to $6.3 billion and ripped Elan's management for ignoring its duties to shareholders.

Early Monday morning, Elan announced plans to buy two small drugmakers for up to $624 million, issue $800 million in fresh debt to pay for them, spin off an Alzheimer's drug and repurchase of $200 million in shares. The moves are designed to return some of the company's $1.2...
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